What Is the Range of the Following Set of Scores

question 13

Short Answer

What is the range of the following set of scores? 10, 15, 12, 18, 19, 16, 12

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Definitions:

Short Run Equilibrium

A situation in economics where demand and supply are balanced at current prices within a short timeframe.

Contractionary Gap

A situation where the real GDP is lower than the potential GDP at full employment, indicating underutilized economic resources.

Expansionary Gap

An economic situation where the actual output exceeds the potential output, often leading to inflation.

Nominal Value of Output

The gross value of all goods and services produced, measured using current prices without adjusting for inflation.